Saudi Arabia's bourse regulator has fined two listed firms for inadequate disclosure as it tries to improve the image of the local bourse and appeal to foreign investors. The Capital Market authority (CMA) said in a statement on Sunday it has fined Al Jazira Bank 50,000 riyals ($13,330) for not immediately notifying it about changes in its senior management.
A similar fine has been imposed on Advanced Petrochemical Company for not disclosing the shutdown over the August 13-September 25 period of a plant for unscheduled maintenance, CMA said. Advanced Petrochemical Co announced the closure of the plant when it published third-quarter earnings in mid-October, it added.